Benchmarking provides information that is useful to identify opportunities and establish targets and goals. Currently, benchmarking information in the insurance industry utilizes historical aggregated data at a state level for use in analysis of an insurance provider's performance as compared to industry competitors.
However, the use of such high level data, “state level data,” results in suboptimal planning as it does not provide sufficient detail to analyze or distinguish areas within each state which may provide future opportunities. For example, a state may have a total premium of several billions of dollars but eighty percent of that total premium may be located in just a few cities or municipalities located within that state. The overall state number, though useful, does not provide sufficient information to develop future goals targeted to specific geographic regions within a state.
Therefore, there is a need in the art for a method and system for allocating information pertaining to a large geographic region into smaller geographic regions so that future goals may be developed in strategic markets. The method and system must provide consistent and easily interpreted results.